SR22 and Other Insurance Requirements in Indiana

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Like most states, Indiana requires a minimum amount of
liability insurance coverage on all vehicles. The state may suspend your
license for 90 days or up to one year for repeat offenses within a three-year
period if liability insurance is not maintained. The numbers below reflect the
minimum liability insurance coverage required in the State of Indiana.

Insurance coverage requirements in Indiana

The standards below indicate the minimum coverage required
under law in Indiana. Naturally, higher coverage can be acquired for
policyholders concerned about liability.

$25,000

This is the maximum amount per person paid for bodily
injury (“BI”) injuries.

$50,000

This the total amount paid by the policy for all bodily injury to all persons.
Therefore if several people are injured, those who file first would receive
payment as defined above, and once the total payment was reached, the
remaining parties must pursue the policyholder for any sums over these
amounts.

$10,000

This is the total amount paid for property damage (“PD”).

SR-22: When do you need it?

SR-22 (the “SR” stands for “safety responsibility”) is a
document that verifies that someone has automobile insurance. The SR-22 is
prepared by an insurance company and then filed (by the insurance company) with
the department of motor vehicles (DMV). The SR-22 is not an insurance policy. It is
evidence that you have a policy.

Typically, an SR-22 is required when a driver seeks to
reinstate a driver’s license after being convicted of a DUI, reckless driving,
driving without insurance, or some other driving violation that’s resulted in a
suspension. The SR-22 may be required whether you own a vehicle (owner SR-22)
or not (non-owner SR-22). The SR-22 is usually required for a number of years –
for example, five years following a DUI conviction. If the policy holder fails
to pay the premiums, the SR-22 is cancelled and an SR-26 is filed with the DMV.
When the DMV receives the SR-26, the policy holder’s license is suspended until
a new SR-22 is filed.

What if you’re involved in an accident in a state other than Indiana?

The good news is that most policies will increase to match
the minimum requirements of the state in which the accident occurred. The 12
states with no-fault insurance systems require that your insurer pay for your
damages (as if you had a no-fault policy).

How are premiums determined?

An insurance company takes many factors into consideration
when determining your insurance rates (premiums). Some factors may seem unfair. For example,
drivers with higher education or who are married will generally receive better
rates than a driver with a similar driving record. Below are the major factors
affecting rates